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How Effective Are Your Negotiating Skills?

August 20, 2019

How Effective Are Your Negotiating Skills

There is no better way to secure your effectiveness as a negotiator than by truly being the guy in the “white hat”.  To distinguish yourself from the “black hats”, you must communicate your honesty and integrity to potential clients. You prove your dependability by quickly returning phone calls, turning around paperwork in a timely manner, and generally, providing value and making your client’s experience a little less stressful.  

Initially, nothing wins over a client more than a salesperson who listens intently to what they have to say.  Understanding the client’s problems and wishes achieves a favorable communication breakthrough in the negotiation process.  Your first conversations should help you distinguish what the client’s needs really are in relation to your dealings with him.  It is essential that you make no commitments that you cannot keep. It is always better to “under commit” and “over perform” rather than the reverse.  

Don’t be afraid to acknowledge that you do not have an answer to a question but be prompt in finding the solution/answer and getting back to the client.

There is truth to the statement: “Either you control the deal, or the deal controls you”.  Clearly defining the clients’ needs and listening to their concerns are helpful in controlling the direction of the deal.  

Bottom line for any successful negotiation is that both parties go away feeling that they have been heard and the resolution has been a “win-win”.   Both parties must believe that the agreement is satisfactory.

If you are looking for an alternative financing real estate lending partner, look no further than Sun Pacific Mortgage.  We specialize in hard money loans and loans that just verge on being a conventional loan but need a fast funding. If you have a client that needs our expertise, please call us at 707-523-2099 to discuss your situations.  We have assisted and partnered with thousands of mortgage brokers over the last 31 years and we look forward to working with you.

Breaking News! Alt-A Hard Money By The Guys in the White Hats 

August 15, 2019

By The Guys In The White Hats

Our breaking news brings you a brand-new release:  Low hard money rates from 6% – 8% with our one of a kind, Alt-A Hard Money Program!

This is for those borrowers who are just shy of qualifying for “A” paper underwriting.  The qualifications include: 

– Borrowers with good credit of at least 640.

– Max 64% Loan To Value.

– Nice location and good property.

Below Are Two Such Scenarios Recently Funded:

Location:  Brokertfield, Marin County
Why Came To Us: Turned down by her bank at last minute.  
Scenario: Needed to complete renovations to then sell house. 
Loan Size: $680,000 with LTV just under 50%.  
Days To Finish:  7 days!

Location:  Santa Rosa, Sonoma County
Why Came To Us: Loan disapproved due to last-minute issue with proof of income.
Scenario: Relator called us on day 27 of 30-day close of Escrow for a fast loan.
Loan Size: $946,870 LTV 35%.  
Days To Finish:  3 days!

If you have a scenario that could use the help of Hard Money programs, call us at 707-523-2099!

Tips To Get Your Home Purchase Offer Accepted

August 13, 2019

Tips To Get Your Home Purchase Offer Accepted

Real estate availability may be loosening up, but if you encounter a good buy and want to strengthen your chances of snagging it, here are some tried-and-true tips to remember when presenting your offer:

  • Increase Your Budget:  First-time buyers may be looking in a lower price range, which is one of the most competitive markets.  By getting approved for just a few thousand dollars more, it can make a substantial difference in closing the deal, but only a slight difference in your mortgage payment.
  • Eliminate Some Expenses:  Homeowner’s association dues can heavily impact your budget.  Look for property that does not require this additional expense.  Looking for property closer to your job can save you time and money too.
  • Contingencies Are Your Enemy:  The cleaner your offer, the better the chance of securing the home.  Don’t ask for the seller to foot the bill for expenses such as a home warranty, closing costs, or minor repairs.
  • Flexibility Wins:  When presented with a multiple offer situation, the more flexible you can be, the better.  Defer to the seller’s preferences regarding closing, for instance. Offer to rent back if that is an option they would prefer.  The easier you make it for the seller, the better your chances are of moving into your new home.
  • Write a Letter:  While the letter shouldn’t bring tears to the sellers’ eyes, a bit of pandering wouldn’t hurt.  Sellers like to hear that the new buyer loves their house as much as they do and will continue to care for it.  You don’t need to tell them about all the improvements you intend to make. Remember, you are selling yourself as much as you are trying to buy their house.

Above all, be patient and be prepared to negotiate.  Don’t take offense if your first offer is rejected, and don’t insult the sellers with a ridiculously low-ball offer.  Buying and selling real estate can be a stressful experience, but in the end the rewards will be well worth your pain.

Looking for alternative financing or turned down elsewhere by banks and other lenders? Sun Pacific Mortgage can help! A Hard Money loan is considered an “all-cash offer” and could help you get approved faster. Call today and see if we can help with your home financing needs (707) 523-2099.

New Release! Alt-A Financing

August 8, 2019

Alt-A Hard Money Loan!
By The Guys in the White Hats 

New Release! Alt-A Financing

This is for borrowers who are just shy of qualifying for “A” paper. 

This Brand-New program offers low hard money rates from 6% – 8%!

– Fastest Funding Around (many funded in less than 5 days)
– Borrowers with good credit (640+)
– Lower Loan To Value (64% LTV or lower)
– Nice property in good location

Recently Funded Alt-A Scenario By Us: 

Santa Rosa Home Buyer is turned down by her Lender 27 days into a 30-day Escrow, despite being very qualified, just had an alleged last-minute issue as to proof of income. Her Realtor luckily knew us at Sun Pacific and immediately called our office, requesting quick help. In less than 48 hours we had her loan approved and funds ready, for her needed Bridge Loan of $946,870.000. 

We continue to also offer our traditional Hard Money loan programs for those in need of fast cash, turned down elsewhere for credit issues or difficult to prove income.  

Call us at 707-523-2099 with any questions or scenarios and we’ll reply quickly with what we can do for you!

Accessory Dwelling Units: Do Your Homework First!

August 6, 2019

Accessory Dwelling Units Do Your Homework First

The housing crisis, especially in California, has worsened over the past decade.  There is a report that states California is short three million housing units. This accounts for the additional pressure on home and rent prices.  To alleviate this disparity some cities are reducing the red tape required to build these attached or detached structures on an existing residence. This type of building (ADU) might be called a granny flat, backyard home, casitas, or in-law suite. 

If, as a homeowner, you are considering this type of addition, it is imperative that you do your homework before embarking on this investment.  Each city employs different ordinances and regulations. Don’t depend on the city’s website to inform you regarding the most up-to-date information because it is changing so quickly.   

With this warning in mind, it is best to run your design plans through your city’s planning department before you begin your project.  Although ADUs are small, generally 400-1000 square feet, the cost to build them can be astronomical. Why? Because they include the two most expensive rooms in the house: a kitchen and a bathroom.  Check out size restrictions, set-back requirements, and zoning issues that could sabotage or change the scope of your project.

There may be restrictions on who your renter can/will be.  There is pending California legislation that will affect whether there is an owner-occupancy requirement.  There may also be restrictions in certain municipalities regarding vacation and short-term rentals. Some cities are restricting them or prohibiting them entirely.  

As if all the above is not daunting enough, you must still deal with the utilities.  They have been known to grind more than one project to a halt. Don’t forget to ask about utility incentives or rebates for energy efficiency upgrades.

Bottom line:  Expect the unexpected.  Rules are changing and timelines are typically longer than planned.  Take the time to do the research required to mitigate your risk and put you in the best position to be successful.

And for those who need additional financing to build an ADU, you will want to contact a licensed and trusted Lender.  In fact, you may want to check out a few different types of lenders as some offer different programs with different terms & rates.  Find the best one that fits your needs, to execute your expansion!

The 2019 Release! Alt-A Hard Money Program

August 1, 2019

Alt A Hard Money Program

Releasing a Brand-New Alt-A Hard Money Program with Rates from 6% – 8%!

  • Borrowers with good credit (640+)
  • Lower Loan To Value (64% LTV or lower)
  • Nice property in good location 

We have many investors who are interested in these types of loans.  For borrowers who are just shy of qualifying for “A” paper, they can quickly get approved for this lower-rate Alt-A Hard Money program. 

Our Loan of The Week is a perfect example of this:

Turned down by her bank at last minute.  Single Family Residence in Brokertfield (Marin County), just needed short-term financing to complete renovations to then sell the house.  Loan of $680,000 with LTV just under 50%.  Approved at 7.5% interest only for 1 years with no prepayment penalty.  

Loan length from start to finish = 7 business days!  

If you have a scenario that might fit Alt-A Hard Money, call us at 707-523-2099!

Fast Financing For Those Turned Down Elsewhere!

July 25, 2019

Fastest Funder

You or your client being turned down elsewhere for a home mortgage?  This is where we can come in and help with our alternative financing programs – also known as Hard Money.

Call us at 707-523-2099 today with any questions or scenarios you have. We’ll get back to you quickly!

Recently Funded Through Our Office

 

$344,000 – Non-Owner Purchase
Seaside, Monterey County
14 Days To Complete
Turned Down Elsewhere Due To Past Foreclosure

$345,000 – Owner Occupied Refinance
Crescent City, Del Norte County
14 Days To Complete
Cash Out to Consolidate Debt 

$700,000 – Owner Occupied Purchase
Napa, Napa County
19 Days To Complete
Self Employed, Difficult To Prove Income

$500,000 – Non-Owner Business Purpose Refinance
Saint Helena, Napa County
6 Days To Complete
Needed Fast Loan To Get Capital For A Business Purchase

NOTE: We Offer FAST Financing; We Finance Owner Occupied & Investment Properties. We Can Finance Despite Credit Issues, Property Condition & Difficult To Prove Income.

Real Estate Vs. Your 401K

July 23, 2019

Real Estate Vs Your 401K

All of us would like to think we are going to retire someday, and hopefully, it will be comfortably. To that end we are encouraged to contribute to a 401K.  Unfortunately, the growth rate of most 401K accounts will not offer us the retirement we anticipate. As an example, even if you were to put $250 a month into a Roth and get a modest 3.5% return on your investment, the return most likely would not be enough for a comfortable retirement.  

So, what are the options?  If you have a self-directed Roth IRA, you could invest in hard money trust deeds that would minimally yield 10%, putting you in a much better position for retirement.  Yes, these investments come with a much higher risk, but the real estate market over the long haul has always proven a safer investment than most others. Additionally, it is tangible and will always carry value so ensuring you have decent equity at the get-go for each investment, this will serve for a safer investment overall. 

Hard money trust deed investments allow you to enjoy the advantages of real estate ownership without the inevitable landlord problems and hassle.    This type of passive investing comes with a professional lender responsible for vetting prospective borrowers. Additionally, using a loan servicing company to collect mortgage payments and ensure payments for taxes and insurance, eliminates virtually any intervention on your part.  In the end, you are left with a retirement account that is growing at a much faster pace than any 401K.

Sun Pacific Mortgage, a family owned and operated business since 1988, offers hard money trust deeds.  These opportunities are regularly emailed to our investors, with enough information to make an informed decision regarding risk and profit.  If you are interested in turning your slow-growing 401K into a turbo charged retirement fund, give us a call at 707-523-2099!

Racing To Get You Fast Loans – Even When Turned Down Elsewhere!

July 18, 2019

Racing To Get You Fast Loans Even When Turned Down Elsewhere

This Home Buyer Was Turned Down Less Than 1 Week To Close of Escrow.  Below is the thankful Realtor’s testimonial:

“A guy in a white cowboy hat was boarding a plane in Seattle when he gets a phone call from a frantic agent: HELP! My client’s loan got denied and it has to close on Friday! (Keep in mind it is now Tuesday). He responded, ‘Well Little Lady, I will get right on it’.

“The Sun Pacific Mortgage Posse sprang into action! Loan docs were in Title less than 24 hours later and [it is] closing today – the must Friday closing. WELL DONE Sun Pacific Mortgage. AMAZING JOB!”  Realtor, S.F.

In just 3 days, this Petaluma home buyer who needed a rush loan of $480,000 had her money in hand!

Call us at 707-523-2099 or email us back with your scenarios. We work with many realtors and other brokers & lenders, helping Buyers and Borrowers get their loans approved and funded fast.

Difficult-To-Prove Income? We Have the Answer.

July 16, 2019

Difficult To Prove Income We Have The Answer

Self-employed borrowers have always had a difficult time proving their credit worthiness; however, there is a solution.  Despite the roll-back on mortgage regulations, there is a product known as an “alternate documentation” loan, which has helped potential homeowners overcome this obstacle.

Let’s look at a variety of situations which might make income verification difficult: 

Today’s economy has forced many people to work more than one part-time or even full-time job.  Often, these jobs do not offer a steady flow of income and make their financial picture look a bit “fuzzy”.  Perhaps the additional job is consulting or driving for Lyft/Uber and the income is erratic. For these borrowers there are private lenders who are willing to support their real estate investments.

Rather than require documentation such as pay stubs, W-2 forms or 1099’s, these lenders will ask for bank statements covering a specific number of months.  Sun Pacific Mortgage, a long-time hard money company in California, offers several programs that require only 4-6 months of bank statements to qualify. This documentation along with the verifiable value of the property, are the main qualifications to acquire a home loan. 

With a Hard Money real estate loan from Sun Pacific Mortgage, even bad credit scores are not a stumbling block to home ownership.  If your ability to repay the loan can be verified and there is enough value in the property – or you have a decent down payment for a purchase – most borrowers will be able to obtain a mortgage from us.  

Give us a call at 707-523-2099 to quickly determine your eligibility. 

We have helped thousands of potential homeowners over the past 31 years when they had given up hope.  We look forward to helping you or someone you know, get a home loan or refinance today. 

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